Full title reads: "The Kentucky Derby. 'Lucky' Mrs Payne Whitney's 'Twenty Grand' makes record time (2 mins. 1 4/5 secs.) to win America's classic race."
Louisville, Kentucky, United States of America (USA).
Shots of the large crowd gathering in the stands and enclosures at Louisville...
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The race was held on 2 May 1931.
"enclosures at Louisville Race Course" - it's actually called the Churchill Downs racecourse.
"As they approach the finish 'Twenty Grand' pulls away" - the jockey is Charles Kurtsinger.